I did some research:
In season 17 of Naismith there was a D3 drafted 6th overall.
In 2009 a DII junior declared for the draft, went 23rd overall.
And I'm seeing some forum posts from 2011 with a few other DII players who went mid draft.
I wonder if things will change in 3.0? I know in Smith there will be two players in DII who should near 875 overall before they are done, both are sophomores right now. I know overall isn't everything, but the ratings wont hurt.